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Investment performance reporting.

KARACHI, September 03, 2009 (Balochistan Times): CFA Association of Pakistan (CFA Pakistan) and Mutual Funds Association of Pakistan (MUFAP) organized a seminar at the Karachi Marriott Hotel on Monday, 31st August, 2009 focusing on the need for standardization in investment performance reporting. The event was attended by leading figures from the asset management industry along with representatives from regulators, ratings agencies, CFA Pakistan and Senior Executive from the MUFAP member institutions. The keynote speaker, Mr. Louis Boulanger, CFA, had specially flown in for this event from New Zealand, made a presentation on the Global Investment Performance Standards (GIPS). Mr. Boulanger has participated actively in the ongoing development of GIPS for over ten years. He is a currently a member of the GIPS Executive Committee (EC) of CFA Institutes CFA Centre for Financial Market Integrity and the Chairman of the ECs Regional Investment Performance Subcommittee (RIPS) for Asia Pacific. Global Investment Performance Standards (GIPS) have been developed by CFA Institute, headquartered in USA, which has gained global prominence. GIPS are ethical principles to achieve full disclosure and fair representation of investment performance. GIPS has been adopted by more than 30 major countries including Pakistan. CFA Pakistan the country sponsor for GIPS implementation in Pakistan. Mr. Jawaid Iqbal, CFA, President CFA Association of Pakistan in his introductory remarks emphasized that The inconsistency in the performance presentation standards used by the mutual funds industry in Pakistan has emerged as one of the major challenges to the growth of the industry in the country. This gives rise to the need to create a uniform set of principles for calculating and presenting investment performance. He added that implementation of well recognized GIPS by asset managers in Pakistan will help develop standards in performance reporting. Mr. Najam Ali, Chairman MUFAP in his welcoming speech mentioned that MUFAP, being a major stakeholder in Pakistans investment products industry is continuously advocating importance of two principle actions. He said standardization of performance reporting and presentation across the industry. Adoption of international best practices in order to bring in more transparency and excess to information for the investors.

(THROUGH ASIA PULSE)
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Publication:Balochistan Times (Baluchistan Province, Pakistan)
Date:Sep 3, 2009
Words:351
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